Bank of Industry grants N1.5bn direct funding to 28 businesses, Benue

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The Bank of Industry (Bol) has granted N1.5 billion direct funding to over 28 businesses to boost their growth and Nigeria’s economy in general.

The Bank’s Managing Director, Mr. Olukayode Pitan, yesterday stated this while presenting N362 million cheque to the first batch of the beneficiaries of the N2 billion-Micro Small and Medium Enterprises (MSMEs) development fund in Benue State.

Pitan revealed that the 38 loans beneficiaries were those who met the bank’s pre-disbursement conditions. Saying that the matching fund was capable of developing small and medium scale enterprises in the state

Benue State Government and the Development Finance Institution (DFI) had last year signed a pact on the N2billion matching fund to boost the entrepreneurial potentials of citizens in the state.

Under the financing model, both parties gave commitment to contribute N1billion each for on lending to mainly businesses that have high employment generating potentials and value addition to local raw materials.

 


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